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Congressional stock trading is a talking point in last days of the campaign

 1 year ago
source link: https://finance.yahoo.com/news/congressional-stock-trading-is-a-talking-point-in-last-days-of-the-campaign-211216583.html
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Stock trading among Congress degrades ‘the trust’ of Americans, Rep. Spanberger says
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Congressional stock trading is a talking point in last days of the campaign

Ben Werschkul
·Washington Correspondent
Wed, November 2, 2022, 6:12 AM·5 min read

Woodbridge, VA — Before Democratic canvassers left to search for any last-minute undecided voters on Sunday, Rep. Abigail Spanberger (D-VA) gave a pep talk on the hot-button topics that might come up — such as infrastructure, prescription drug prices, and gun violence.

But after she finished, a canvasser named Frank Krogh asked about another issue in this northern Virginia town: stock trading by lawmakers.

Speaking to Yahoo Finance later, Krogh said he likes to broach the topic because "it's a two-fer." That is, it's a bipartisan issue that Spanberger is involved in and also addresses voters' overall distrust of Washington.

Congress’s failure to regulate its own trading activity is a talking point for Spanberger, who's been outspoken on the need to police the practice. The 43-year-old Democrat co-sponsored a bipartisan bill aiming to block the practice, one of several proposals seeking to stop or further police the stock trading activity of lawmakers. Those in favor of a ban or new regulations argue that lawmakers often have access to non-public information that could give them an edge in the stock market.

“Basically any place that I might be, somebody wants to talk about it,” Spanberger told Yahoo Finance Sunday, between conversations with voters. “People say: ‘Well I don't agree with everything you're doing but I like that banning members of Congress from trading stocks.’"

Stock trading on the campaign trail

Efforts to curb Congressional stock trading have hit more than one roadblock. When Congress adjourned at the end of September, lawmakers missed a deadline to vote on the practice. House leaders promise to take up the issue when they re-convene. However, they have yet to take concrete action to address an issue that exploded into public consciousness in late 2021 when reports emerged that lawmakers privy to information about the coronavirus sold stock just before the stock market tanked.


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